Oversight of payment instruments. The Banque de France s approach CONFERENCE. E-payments in Europe

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1 E-payments in Europe Oversight of payment instruments The Banque de France s approach Carlos MARTIN Head of Division Payment Systems Department Non-cash Means of Payment Oversight Division Banque de France 1

2 Agenda Oversight Role Rationale Modus Operandi Means of payment in France Examples Oversight role : rationale Maintaining public confidence in payment instruments and at the end in currency Role of payment instruments in the safe and efficient functioning of payment systems Statutory responsibility The Everyday Security Act» Article L141-4 of Financial and Monetary Code was amended as follow : «The Banque de France shall ensure the security of means of payment, as defined in Article L311-3,... and the suitability of the relevant standards» The Banque de France is responsible for the security of means of Payment 2

3 Oversight role : modus operandi Principles ¾Transparency ¾Level playing field ¾Co-operation with the issuer ¾Coordination with Central Banks of the Eurosystem Oversight role : modus operandi Methodology ¾Analysis the threats ¾Definition of security standards ¾Monitoring of compliance ¾Enforcement 3

4 Means of payment in France Scope Cheques Bills of exchange Credits transfers Directs debits Card payments (CB, Amex, ) Electronic purse Internet payment (On line communication of card number, virtual card number, P2P, virtual purse, ) Mobile payment (Vocal kiosks, SMS, mobile PKI and electronic signature initiatives, ) Means of payment in France Figures for September million operations 385 million euros Truncated cheques 43% Cards transactions 4% Others 3% Truncated chequ 31% Cards transactions (payment + withdrawals) 39% Direct debit 7% Bills of exchange 10% Credit transfers 33% Others 1% Truncated cheques Cards transactions (payments + ATM Credit Transfers Direct Debits Direct debit 13% withdrawals) Bills of exchange 1% Bills of exchange Others 4 Debit transfers 15%

5 Examples : Electronic purse Electronic purse : Moneo SFPMEI Monitoring information Bank refund Bank acquiring loading Monitoring Information Payment Consumer Merchant 5

6 Electronic purse : Evaluation Process Principles Security requirements» Use of ISO/IEC (Common Criteria)» Drafted in a generic way (Protection Profile) Verification process» For smartcard product : IT French evaluation and certification scheme to validate the security level» For the system : the process is under definition Electronic purse : Evaluation Process Current situation Security profiles» e-purse and Purchase device PPs (for pilot and roll-out)» e-purse system Security certification is part of SFPMEI licensing program All the e-purse and purchase device used in the Moneo scheme are certified (EAL4+) A first compliance check for the overall Moneo scheme was done by SFPMEI before roll-out 6

7 Examples : Internet Payment Analysis conducted in the framework of the e-economy Initiative of the French Ministry of Economy, Finance and Industry Objective Introduce the highest possible level of technical security economically viable Internet Payment : Fraud Potentially high risk of fraud Open network, virtual users, high speed with which the attacks can be propagated,... Major vulnerabilities Verification of the identity of parties involved Protection of customer s personal computer User protection et information Unsuitable Disparate level of security Between no security (transmission card number) to high security level (payment using smartcard technology) 7

8 Internet Payment : recommendations ; Security Profiles For each category of payment means Should take into account their nature and potential uses Should serve as a guide for each step of the life cycle of means of payment Could take different forms Compliance with the Common criteria standard ; Security Label Visible and understandable by consumers Based on security profiles to be developed and awarded by trade organisations Internet Payment : recommendations ; Security verification processes Independent verification, recognised competence Review» Questionnaires, documentation (internal reports, audits), penetration testing Evaluation»» Co-operation with the French evaluation and certification scheme ISO/IEC (Common Criteria) 8

9 Internet Payment : recommendations Need for a secure dialogue ;Strong and mutual Authentication» Need to avoid transmitting authentication data over the network» Use of the challenge response technique» Development of PKI : Set up of a root registration authority to verify the identity for the purpose of generating an identity certificate ; Data Confidentiality» during the transactions» storage (server, PC, )? ;Data Integrity, Replay Prevention of transactions, Non repudiation of transactions Internet Payment : recommendations Improvement of user protection ; Suitability, quality and user friendliness of provided products (hardware or software) ; Relevant information, easily accessible and simple ; Minimum security rules to comply with» Sensitive data storage, virus protection, 9

10 Examples : On-line Banking Definition of a protection profile for Internet Banking in co-operation with the French banks A generic description of the Internet banking system A system approach A dedicated assurance level Examples : Cheques Exchange of truncated cheques Compliance with cheques regulation Definition of security requirements for the cheques process in cooperation with the French banks Banks are in charge of the verification process An annual evaluation report will be sent to Banque de France 10

11 Conclusion Role of Central Banks : support efforts to strengthen security to maintain consumer confidence 11

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